The shipbuilding family of Georgios Prokopiou has announced a significant €500 million investment in the redevelopment of Elliniko, through their company Skiti Enterprises. The project includes the construction of residential complexes, office spaces, and an educational institution with an international focus. The total area of the development is 85,658 sqm, with 30,000 sqm. allocated for residences, 35,658 sqm. for office buildings, and 20,000 sq.m. for the educational institution.
This investment is part of a strategic partnership with Lamda Development, following Prokopiou's acquisition of a 2% stake in the company for €25 million. The land for the development, located opposite the Glyfada Golf course, was purchased for €120 million. Residential land was valued at €2,100 per sqm., office space at €1,150 per sqm., and the educational site at €850 per sqm. Prokopiou’s company is also responsible for the infrastructure costs within the plots, estimated at €150 per sqm.
For Lamda Development, the sale of these plots is highly profitable, expected to generate €82 million in gains. The value of the land in Lamda’s books was €37 million, marking a substantial capital gain. This deal follows a recent sale of five other plots for €106 million, involving buyers such as Brook Lane Capital, Dutch firm Ten Brinke, and local developers Hellenic Ergon and Daedalus Development. The combined investments from these transactions are expected to reach €300 million.
According to Lamda Development CEO Odysseas Athanasiou, the company anticipates revenue of €226 million and a net profit of €158 million from these two transactions, significantly boosting the profitability of the Elliniko project while mitigating investment risk. The liquidity from these deals will support ongoing development costs, as Lamda is set to invest over €200 million in Elliniko throughout 2024.
Speaking about the investment, Prokopiou emphasized his commitment to designing environmentally conscious constructions that respect Greek architectural heritage and contribute to a smart city with open green spaces. "Education is the cornerstone of societal progress and change," he stated, reinforcing his focus on the educational institution's importance to the project.
The land for the educational facility was originally slated for a new school by the College of Athens, but the plan did not proceed after a unanimous decision by the board of directors. Prokopiou’s partnership with Lamda Development is seen as a long-term, strategic collaboration aimed at transforming Elliniko into a model of modern urban living.
